…into the water. A fraternity brother will jump off the bridge into the water first and then the pledge, after drinking, would jump in. The brother would come to the aid of the pledge. That was the initiation process.
During this initiation, the main character suspects that this fraternity brother will do him harm. As a result, the main character hides a handgun in his sock for protection. This fraternity brother calls out the main character to jump into the water. After the main character does so, this fraternity brother tries to drown the main character, but is unsuccessful. When they encounter each other in a forest, the main character shoots the fraternity brother dead.
The movie ends when the main character suspects this older woman of being behind the plot to kill him. The main character confronts this woman at her house and, as he leaves, she kills herself as police arrive.
I seem to recall this on HBO around 1996.